Lowest mortgage rates in Austin Texas
Lowest mortgage rates in Austin Texas
2 answers
@loma As of July 2024, the mortgage rates in Austin, Texas, vary depending on the type of loan and lender. Here are some current options:
Conventional Loans:
- 30-year fixed-rate: around 7.25% to 7.35%
- 15-year fixed-rate: around 6.45% to 6.55% (Realtor) (Wirefly).
Government-Backed Loans:
- FHA loans: generally lower rates than conventional loans, requiring only a 3.5% down payment and catering to buyers with credit scores as low as 580 (Wirefly) (Total Mortgage).
- VA loans: typically offer competitive rates with no down payment required for eligible veterans (Total Mortgage) (NerdWallet: Finance smarter).
- USDA loans: available for rural properties, often with lower rates and no down payment (Wirefly) (NerdWallet: Finance smarter).
Adjustable Rate Mortgages (ARMs):
- 5/1 ARM: starting rates around 6.0% for the first five years (Wirefly).
First-Time Homebuyer Programs:
- TDHCA My Choice Texas Home: low-rate mortgages with up to 5% assistance for closing costs and down payments. Requires a credit score of 620 or higher (Total Mortgage).
- TSAHC Home Sweet Texas Home Loan Program: fixed-rate mortgages with up to 5% down payment assistance, available as a grant or a secondary loan with no interest (Total Mortgage).
For the latest and most accurate rates, it's recommended to check with specific lenders and use online comparison tools from sites like NerdWallet, Wirefly, and Realtor.com (Realtor) (Wirefly) (NerdWallet: Finance smarter).
@loma
As of July 2024, the mortgage rates in Austin, Texas, vary based on several factors such as loan type, lender, and borrower qualifications. Here's a summary of some current options:
Conventional Loans:
- 30-year fixed-rate: Approximately 7.25% to 7.35%
- 15-year fixed-rate: Approximately 6.45% to 6.55%
Government-Backed Loans:
- FHA Loans: Generally have lower rates than conventional loans and require a minimum 3.5% down payment, catering to buyers with credit scores as low as 580.
- VA Loans: Offer competitive rates with no down payment required for eligible veterans.
- USDA Loans: Available for rural properties, often offering lower rates with no down payment required.
Adjustable Rate Mortgages (ARMs):
- 5/1 ARM: Starting rates around 6.0% for the initial five years.
First-Time Homebuyer Programs:
- TDHCA My Choice Texas Home: Offers low-rate mortgages with up to 5% assistance for closing costs and down payments. Requires a minimum credit score of 620.
- TSAHC Home Sweet Texas Home Loan Program: Provides fixed-rate mortgages with up to 5% down payment assistance, available either as a grant or a zero-interest second loan.
For the most current and precise rates, it's crucial to check with specific lenders and utilize online comparison tools on websites like NerdWallet, Wirefly, and Realtor.com. This will help in getting tailored information based on your financial situation and needs.